​If you’re a real estate agent, property developer, lawyer, accountant or work in professional services, it’s time to get across some important updates.

From 1 July 2026, Australia’s Anti-Money Laundering and Counter-Terrorism Financing [AML/CTF] laws are expanding and businesses like yours will soon have new compliance obligations.

In short: if you provide certain services that could be at risk of misuse [like handling property transactions, setting up companies, or managing client funds], you’ll need to follow strict rules around verifying clients, reporting suspicious activity and keeping detailed records.

But it’s not just about ticking boxes. These reforms are designed to modernise the AML/CTF framework, make it more risk-based and flexible, and keep up with new technologies and global standards.

 

what is the AML/CTF Framework?

 

The AML/CTF framework is Australia’s way of protecting our financial system from being used for things like money laundering or funding terrorism. It’s set out in the AML/CTF Act 2006 and enforced by AUSTRAC [the regulator].

If your business offers certain services – called ‘designated services’ that are seen as higher risk for money laundering or terrorism financing, you need to understand your obligations. These services are listed in section 6 of the AML/CTF Act and currently cover industries like financial services, bullion dealers, gambling, and digital currency exchanges.

 

who does the AML/CTF regime apply to right now?

 

At the moment, the AML/CTF rules apply to businesses that offer certain services, known as ‘designated services’. These include:

  • Financial services: Banks, building societies, credit unions, credit issuers or acquirers, authorised deposit-taking institutions [ADIs], lenders, finance leasing businesses, account providers, trustees, store value card issuers, insurers and similar entities.​
  • Bullion dealers: any business that buys or sells gold, silver or other bullion.​
  • Gambling services: businesses that receive or accept bets, make or place bets on behalf of others, operate gaming machines, exchange gaming chips or tokens for money or virtual assets and pay out winnings.​
  • Digital currency exchanges:businesses that help people swap digital currencies [like crypto exchanges]. ​

 

what’s changing from 1 July 2026?

 

From mid-2026, the AML/CTF rules are expanding to cover more professions and businesses – especially those seen as at risk of being used for money laundering and terrorism financing.​

If you work in any of the following areas, these changes will likely apply to you:

  • Real Estate:  Including real estate agents, buyers’ agents, and property developers.​
  • Legal: Lawyers and conveyancers providing certain services.​
  • Accountants: if you provide specific financial services.
  • Trust and company service providers: forming companies, acting as trustees, or providing registered office services. ​
  • Precious metals and stones: Businesses dealing with precious stones, metals, and related products.​

 

These types of businesses [known as ‘Tranche 2 entities’] will need to meet the same obligations that currently apply to banks and other financial service providers and be required to enrol with AUSTRAC, implement AML/CTF programs, conduct customer due diligence, report certain transactions, and maintain records.

 

what you’ll need to do:

 

register with AUSTRAC

You’ll need to enrol your business with the regulator.

 

set up an AML/CTF program

This means putting together a plan that explains how your business will manage the risk of money laundering. It should cover things like:

  • How you assess risks
  • Internal controls and compliance procedures
  • Employee training
  • Independent reviews of your program

 

know your customers

Before you provide certain services, you’ll need to verify your customer’s identity, monitor their transactions, and apply extra checks for higher-risk customers [like politically exposed persons].

 

report certain transactions

You’ll have to send reports to AUSTRAC for things like:

  • Suspicious matters: if you notice something that doesn’t add up
  • Large cash transactions: over $10,000
  • International transfers: money coming in or out of Australia

 

keep records

You’ll need to hold onto records for at least 7 years, including:

  • Customer ID documents
  • Transaction details
  • Any reports you submit
  • Your AML/CTF program and updates

 

appoint a Compliance Officer

Someone in your business needs to be responsible for making sure you’re meeting all these obligations.

 

train your team

Relevant staff will need regular training, so they know what to look for and how to meet your legal requirements.

 

so, what should you be doing to get ready?

 

All current and future reporting entities – especially those coming into scope under Tranche 2 – now’s the time to make this a priority. Early preparation, staff training, and engagement with AUSTRAC can significantly reduce the risk of non-compliance.

Here’s what we recommend:

  1. Check if your business will be affected
  2. Do a risk assessment – identify where your business might be vulnerable and start thinking about how you’ll manage those risks
  3. Get legal advice – speak with an expert so you’re clear on exactly what the AML/CTF obligations mean for your business, and what steps you can now take to prepare.

If you’re already a reporting entity:

  • Review your existing AML/CTF program to make sure it meets the latest risk-based approach and any new requirements.​
  • Start planning staff training to ensure your team knows what’s changing and what they need to do.

 

we’re here to help! 

If you need guidance on how to prepare for or implement any of these changes, reach out to our legal experts. You can email  legal@businessdepot.com.au or give us a buzz on 1300 BDEPOT.’

 

Originally authored by Hannah Petersen. 

 

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